Vivid at the Yates is a 20-storey, 135-unit below-market condominium tower situated along the 800-block of Johnson Street in downtown Victoria.
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Word is that lots people are going to be renting out their units before the 2 year clause is up. Who knows if/what BC Housing will do to enforce the rules. I do hear that if you have to sell within 2 years, you will have to have it appraised, and then sell it for 8% less than that appraised value at that time. But really, what can they do if you rent the suite out?!?!?
Strata bylaws are identical to Yates at yates as strata fees are paid into the same pool. As Yates allows for rentals, this will not break any strata rules; therefore, strata CANNOT fine you for renting out your 2 bedroom top floor "penthouse" for 3k+ a month.
If anyone who has signed one of Chard's top secret contracts for a unit at Vivid can provide information that states there will be a set penalty please feel free to provide us with information. Otherwise, they will have absolutely no grounds to do anything... What are they gonna do? seize the condo :D
How are you hearing that "lots" of people will be renting them out?
The rules are very clearly stated as are the ramifications of disobeying a Covenant buyer(s) will have signed. Whoever is telling you there are "lots" of people planning to rent out their units and that there are no ramifications to doing so is very poorly informed on the situation and if what he or she says is true, is possibly misinforming other buyers.
The issue isn’t a matter of strata bylaws but of a Covenant placed directly on the title of all Vivid suites by BC Housing.
Purchasers must sign a Statutory Declaration acknowledging this Covenant and agreeing to abide by the rules it sets out, which your source, Promontory Kingpin, should direct to his or her lawyer for review and an explanation as soon as possible if he or she misunderstood the gravity of the situation the first time around.
The Covenant includes an agreement that for two years the suite will not be leased to a third party and may only be occupied by the qualified purchasers.
Should the purchaser choose to ignore this rule, the Covenant states that BC Housing "may exercise all of its remedies both at law and in equity in order to enforce the obligations of the Transferor [the purchaser] and the rights of the Transferee [BC Housing].” According to the agreement, this may take the form of “specific performance, injunctive relief (mandatory or otherwise) or other equitable relief”.
In other words, BC Housing can force a sale - at a price that is 8% below appraised market value - should a purchaser get caught breaking the rules.
Despite Chard Development's targeting of first-time and young buyers with unique incentives, it's the moms and dads who are pushing their children to jump on an opportunity.
Work has begun on building over 250 condominiums in two towers set to rise between the 800-blocks of Yates and Johnson streets.
There may be lots of construction cranes above city streets, but not all projects have available pre-sale condo inventory. Find out what's still selling and what's coming soon.